What age were you when you BEGAN your mortgage...

jillie1974

got our mortgage when i was 29 and OH was 27!
wish i'd been able to do it earlier though. if we have kids they will be encouraged to save as much as poss to get a mortgage as early as poss though!

Save4ArainyDay

Got my first mortgage at 18 with my then husband who was 20. The mortgage was £7000 @13.5% !!!At the time the payments were 1.5 weeks income for each months payment. Tough times indeed as we had one wage and a baby.

supersub_3

We were 25 in 1979 when we borrowed £15,500 to buy our £16,750 flat in east London. As with everyone, it seemed a load of money at the time, even though we were lucky because I had a well-paid job, so our total income was about £12,000.
It was quite a momentous day when our first endowment matured, in 2004, and we were able to pay off a chunk. In my mind, my mortgage had been a never-ending commitment, but now at last an end is in sight.
Three moves and 27 years later, we still owe over £40,000, but we are now overpaying and more endowments are due to mature, so in three to four years...

Two things I would say to younger MSEs:
1. You wouldn't believe how difficult it was when we were looking for our first mortgage to actually get one - unlike today, lenders did their best to AVOID letting you have their cash. It was only because of my inflated salary that a broker wanted to help us.
And interest rates! If you think they have risen to a high level now, they were at eye-bleedingly high levels at most times from the 1970s to the mid-90s!

STAR_BUCK

Hiya

We just bought our 1st house (Dec 06) with a 230k mortgage. I'm 27 and OH is 28 , joint salary 75k. Planning to overpay as much as possible and knock down that debt!

Badgergal

I was 22 and I have just turned 25.

People assume I'm renting and are always shocked that I found somewhere in London at my age and on my salary but I managed it through not being very choosy - it's a tiny studio, on a decent council estate only five tube stops from central London and I don't regret it. It was for £100K and I cobbled together a deposit by saving some of my student loan and working weekends throughout uni.

raq

Bought our first property 9 years ago for , wait for it £36,000.00 and sold it last year for £117,500.00. We where in our middle twenties at the time and now we have moved on. At the time it didn't seem huge but now it's tiny compared to what we got now. I actually now someone who is this amount of money in debt with loans and credit cards. So scarry. Plus not forgetting her mortgage of £150,000.00 on top.

pavlovs_dog

*if* things go to plan i will be 23 and OH 28 when we get our first mortgage :j

Floxxie

I was 25 when I joined my OH in an IO mortgage for £52,500 (1999). Several remortgages later the mortgage was up to £87k. Desperate to move, we focused and sold everything we had and cashed in everything else to reduce mortgage to £55k in 2003.

Converted to a repayment mortgage the same year and took on a £114k mortgage. Remortgaged up to £118,500 in August 2005. At the end of 2006 mortgage is £99,800, (property valued at £240k) but a long way to go to be mortgage free

rosysparkle

I was 22 and my now exhusband was 24 when we bought a 4 bed Victorian semi for £16,600 (we bargained them down from £17,500) in 1985. We had to spend a lot of money on making it habitable though! We moved in with a second hand fridge and cooker, a sofa, dining table and chairs we found in a junk shop, and a bed. Nothing else, we had to buy stuff as we could afford it, but we didn't get new stuff for a long time.

I sold the house at the end of 2005 for £194,000 but now I am one year into a 22 year £140,000 mortgage.

teapot2

Hmmm we were 50 + 51 respectively when we got our first mortgage - considerably older than most folk on here it seems :eek: . Its a 15 year one of £100,000 which we are doing our best to make regular overpayments on.